That tonic came in the form of a package of tax hikes, seeking to boost government coffers and slow the rampant consumer demand that is fuelling the finance gap.

The Ministry of Finance said the moves, which include a rise in duties on alcohol, tobacco, mobile phones, light commercial vehicles and passenger cars, could add TRY5.5 billion, or 0.4% of GDP to the budget.

That prospective tightening was welcomed by economists, but many also wondered whether the government was doing enough to tackle the deficit, which leaves the economy vulnerable to external shocks and is the biggest obstacle to the country achieving an investment-grade credit rating, according to ratings agencies.